LucaNet: A Unified Financial Reporting Platform to Simplify the Life of Financial Professionals

Dominik Duchon, Chief Sales Officer

Generating a financial report has become an onerous task today. Report generation binds the office of finance with tough deadlines and leaves no scope to make informed decisions through analytics. When LucaNet set out to address these challenges, the idea was to provide a solution that drives transparency, operational efficiency and ease of use, allowing companies to improve their financial reporting efficiency amid the time constraints. Philadelphia, PA-based LucaNet emerges as the best choice for addressing financial reporting, consolidation, and planning needs as it delivers operational efficiency through its holistic financial reporting solutions powered by advanced data analytics.

LucaNet’s financial consolidation capabilities drive operations through efficient budget planning forecasting, ERP analytics, cash flow forecasting, financial reporting analytics, and disclosure management. Available both as on-premise and cloud-native solution, LucaNet simplifies analysis of financial data by linking it with statistical data, creating alternative structures and providing built-in formulas. Businesses can configure the best and worst-case financial scenarios and integrate them into reports. Using LucaNet, clients can also manage P&L, CAPEX, loans, and numerous other factors. They can plan revenue up to their customer level, incorporate the cost of goods sold (COGS) and indirect expenses, and set the expected payment terms for each head. The platform empowers the office of finance to manage and supervise all budget-related tasks through one central workflow overview and become operationally efficient. By leveraging the power of third party financial disclosure tools such as SmartNotes, LucaNet simplifies the collaboration of all stakeholders for the aforementioned tasks.

While LucaNet makes the clients operationally efficient and addresses a gamut of needs that range from financial consolidation to disclosure management, it follows customer requirements and offers an easy-to-install on-premise or cloud-based solution.

Built on the premise of ease of use and minimal IT support requirement, LucaNet has turned the corners for numerous companies. For instance, an international seafood producer sought a solution to expedite the report generation process. Before deploying the LucaNet platform, the seafood producer had to aggregate 23 reports about the projects running across the globe and consolidate the information. As these reports took two months to be generated, the client had difficulty in gaining a clear view of ongoing business activities. Having implemented LucaNet, the client integrated internal systems with ERP systems such as SAP, MS Navision, and numerous others. Subsequently, the client could consolidate data of the complete business group within four days and analyze the problems in the workflows. Eventually, the seafood producer could expedite decision-making process.

The rich functionality built into LucaNet allows clients to limit the time spent on data collection and validation. LucaNet integrates data from client’s existing systems, which are linked by its repository of 200 connectors to all major ERP systems such as MS Navision, Oracle Financials, and SAP and provides a single data source. “LucaNet allows clients to leverage their existing IT stack, besides collecting and validating data,” says Dominik Duchon, Chief Sales Officer, LucaNet. The finance professionals can consolidate data at multiple-levels like statutory, management, business-line, and segment. Its standardized data model provides the ability to interface client’s systems directly with third-party systems. Therefore, users can perform intercompany reconciliation, trial balance imports, and close adjustments by automatically pairing intercompany transactions.

LucaNet believes in challenging the status quo and enable the office of finance and CFO to easily traverse through the complex maze of budgeting, analytics, financial reporting, and compliance. Tailored to empower financial users with flexible and leading-edge reporting technology, LucaNet is focused on simplifying the most intricate task in the financial world.